Verso Corporation (NYSE: VRS) reported financial results for the fourth quarter and full year of 2021.
Fourth Quarter 2021 Highlights:
• Net sales of $328 million, a 4% increase over fourth quarter 2020 and a 3% decrease over third quarter 2021
• Net income of $13 million compared to a net loss of $90 million in the fourth quarter of 2020 and net income of $58 million in the third quarter 2021
• Adjusted EBITDA of $74 million compared to $9 million in the fourth quarter of 2020 and $67 million in the third quarter of 2021
Overview
"Thanks to the efforts of the Verso team, Verso delivered excellent safety results and solid financial performance in the fourth quarter driven by improved sales and operations year-over-year," said Verso President and Chief Executive Officer Randy Nebel. "As we look toward the future, we believe our pending combination with BillerudKorsnäs will enable our customers and employees to benefit from enhanced opportunities as part of a larger, stronger organization. Our full Board believes the proposed merger maximizes value for shareholders, who will receive a significant premium and immediate and certain value for their shares of Verso."
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